HONG KONG, April 18, 2011 /PRNewswire/ -- Sino Payments, Inc. (OTCBB: SNPY) today announced that it has received a service agreement to provide electronic funds processing integration service related to EPS Debit cards for the Inland Revenue Department, Hong Kong Special Administrative Region Government (HKSAR). The order comes with a 10-Year post implementation support contract. This service order was received from venture partner TAP Group through the Company's subsidiary Tap e-Payment Services (HK) Limited.
Matthew Mecke, CEO of Sino Payments, Inc. stated, "As this purchase order represents our first government related contract, we look forward to more agreements of this type as well as to continue to add additional clients and related long term revenue contracts. This agreement with the IRD in Hong Kong continues to establish Sino Payments as a regional Asia electronic funds processor of note. Although March was our first month of revenue from clients, our growth should be stunning through the remainder of 2011."
About Sino Payments (www.sinopayments.com)
Sino Payments is a US public company with offices in Hong Kong. In addition to providing stand alone worldwide ecommerce processing capability, Sino Payments' proprietary IP transaction processing system (SinoPay GPP) is designed to convert transaction processing systems from old type dial up point of sale systems linked to sophisticated check out terminals to a modern seamless IP transaction process, reducing credit and debit card transaction processing times by half at checkout. Sino Payments focuses on providing IP credit and debit card processing services to large retail chains, including supermarket chains and large regional multinational retailers, in China and throughout Asia.
SOURCE Sino Payments, Inc.